Chinese firm okays $100-M supply contract deal

Huawei Technologies Co.Ltd., one of the largest telecommunications equipment manufacturers in China, has entered into an investment agreement and equipment and services supply contract with Philippine telecommunications operator Multilateral Telephony Inc.

The $100 million joint venture project will offer personalized high speed data services at affordable prices throughout the Philippines.

The joint venture project will use the latest wireless technology to be supplied by Huawei.

The agreement will be signed during President Arroyo’s State Visit to China.

Huawei was established in Shenzhen, Guandong in 1988. Its revenue last year stood at $2.6 billion. Its overseas sales alone amounted to $1.05 billion, enabling its to post a profit of $459 million last year.

Huawei employs 22,000 workers. It is the seventh largest electronics company in China.

Huawei’s products include switches, transmission, mobile communications, support networks, ATM, networking equipment and videoconferencing equipment.

Project financing for the joint venture project will be provided through the Chinese Export and Import